The wallet redemption percentage in Webplanex Wallet establishes a threshold for how much store cash customers can use towards a single purchase. Here's a detailed explanation:
Wallet Balance Redemption Setting:
- Navigate to the "Settings" section within the application interface.
- Within settings, locate the section titled "Wallet Balance Redemption Setting"
Percentage Configuration:
- You'll find a text box where you can define the wallet redemption percentage.
- The default setting is typically 50%, but you can adjust it to fit your program's needs.
Impact on Customer Redemptions:
This percentage determines two key factors:
-
Maximum spendable store cash per purchase: The percentage indicates the portion of a customer's wallet balance that can be used towards a single order. (e.g., 50% means a customer can use up to 50% of their available balance at once).
-
Minimum order value for redemption: The percentage indirectly affects the minimum purchase amount required for a customer to redeem store cash.
Minimum Order Value Calculation:
When a customer generates a coupon code using their wallet balance, a minimum order value is mandated for redemption.
This minimum amount is calculated based on the following formula:
Minimum Order Value = (Generated Coupon Balance x 100) / Wallet Balance Redemption Percentage
Example:
- Let's say the wallet redemption percentage is set to 50%.
- A customer generates a coupon code for $20 from their wallet balance.
-
Using the formula:
- Minimum Order Value = ($20 x 100) / 50% = $40
In this example, the customer can only redeem the $20 coupon if their order total is at least $40.
Strategic Use of Redemption Percentage:
- By adjusting the wallet redemption percentage, you can control the amount of store cash spent per transaction and potentially encourage customers to increase their order value to meet the minimum redemption threshold.
Remember:
- A higher redemption percentage allows customers to spend more store cash per purchase but might lead to faster depletion of their wallet balance.
- A lower percentage encourages higher order values for redemption but might limit customer spending flexibility.